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MEXICO CITY (Reuters) – Mexican telecommunications giant America Movil on Tuesday reported a surge in its first-quarter net profit on the back of strong operating income and foreign exchange gains.
Net profit was at 30.8 billion pesos ($1.55 billion), up from 1.8 billion pesos in the year-earlier period, according to a filing with the Mexican stock exchange.
America Movil said the gain was a result of “strong performance of operating income and comprehensive financing income of 7.3 billion pesos derived from foreign exchange gains of 22.6 billion pesos.”
The company’s revenue rose 2.4% to 211.2 billion pesos, up from 206.3 billion pesos in the first quarter of 2021.
Earnings before interest, taxes, depreciation and amortization (EBITDA) came in at 81.1 billion pesos, an increase of about 4.2% in nominal terms from a year ago, below a Refinitiv estimate of 83.673 billion pesos.
($1 = 19.8911 pesos at end-March)
(Reporting by Kylie Madry and Noe Torres; Writing by Cassandra Garrison; Editing by Richard Pullin)
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